Owning a dream car has never been simpler, especially with the car loan options that United Bank offers. The bank was established in the year 1950 and is headquartered in Kolkata. With one of the earliest banks to be nationalized by the government of India, the bank has a reputation just as old and trustworthy.
The bank has about 250 offices in eight states, making it easy for everyone to access their attractive car loan schemes and other financial aids. Currently, there are two types of car loans provided by the bank, including a United Car loan scheme and a United Car Loan scheme for pensioners. In this write-up, we highlight all about their car loan schemes to their tiniest detail, for you to know everything you can before you jump into it.
Under the United Car Loan Scheme, you can expect the following features:
An 85% car loan value of the on-road price of the vehicle.
The interest rate should start somewhere around 8.90% for women and 8.85% for men. Also, for used cars, the interest rates may go as high as 9.95%.
The process of foreclosure of the loan is pretty straightforward and includes no charge, whatsoever.
The loan processing fee may vary up to 0.59% of the loan amount, wherein the minimum is about 600 INR and the maximum could be as high as 11,800 INR.
The loan tenure is about 7 years for a new car, and for used and old cars, is about 5 years.
In the case of pensioners, the net pension for 48 months will be disbursed as the loan amount.
United Bank of India offers a great solution for all your car loan-related problems, making them one of the most sought-after banks when it comes to car loan applications. What you need to do here is to make sure that you know the range of interest rates the bank offers, in case you have to start the right way.
Based on multiple factors, the minimum rate of interest for a United Car loan is about 8.40%, with factors changing it on a case-to-case basis. The processing charges are 0.59% of the loan amount (minimum INR 600 and maximum INR 11800).
The minimum CIBIL score that you need to apply for a car loan is about 700 or higher. 550 or higher.
The minimum loan tenure is about 84 months, which should ideally be changing based on each individual's finances, and the interest rate offered by the bank.
Based on a multitude of factors, that determine the paying capacity and financial stability of the individual, one may or may not be offered the lowest interest rates on their car loan. Some of these factors include
Age of the individual: A minimum of 18 years of age (and a maximum of 70 years) or more to be able to apply for the loan.
Income of the individual: Your annual package determines your financial worth to the bank or the government in case they are paying. Hence you need to keep a strict budget and spend according to that.
ITR returns / Form 16: Your ITR returns (of the last two years) determine the interest rate offered by the bank. You should ideally make sure that everything is in place to be offered the lowest interest rates.
The value of your vehicle: The closer the value of your vehicle is to your income-to-debt ratio, the better it is for your case at the bank.
The Downpayment: The more money you give out as a downpayment, the better it becomes for your bank car loan interest rate at the United Bank of India.
Your age: You need to be at least 21 years and a maximum of 70 years of age to apply for a car loan at the United Bank of India.
Minimum Income: You need to earn at least INR 25000 to be able to apply for a car loan at the United Bank of India. The pensioners also do not need to worry, as the bank has a special scheme for them.
While applying online:
Step 1: Go to the bank's official website.
Step 2: Download the form from the Car loan section.
Step 3: Fill in the required details, along with your passport photograph.
Step 4: Submit the needed documents along with the duly signed form to get started with your loan application.
Step 5: Keep tracking the progress of the application online.
While applying offline:
Step 1: Visit the nearest branch of the United Bank of India.
Step 2: Get your application form from the concerned official of the bank.
Step 3: Submit the required documents to the bank, and collect the receipt.
Step 4: Track your progress with the given loan number online.
Now, while you apply for the best car loan interest rates, you should be keeping these tips in mind:
Pay a huge chunk as a downpayment of the loan.
Ask for a cut in your interest rate from the bank itself.
Keep a healthy credit score and clean up your financial condition well before time.
The United Bank of India asks for the hypothecation of your vehicle.
You need to have a bunch of documents, proving your identity, your area of residence, your income, your legal status, and much more to be eligible for a car loan at United Bank of India.
Based on multiple factors determining your financial condition, you may get a maximum loan tenure of about 84 months for new cars and about 60 months for pre-used or old cars.
You need to maintain a good credit score, somewhere above 700, to get a low-interest car loan from the United Bank of India. However, you may also opt for the loan in case you have a lower credit score of 550 or around.
You may get the application form for a car loan on the official website of the bank. Along with that, if you need to get the form offline, you just need to visit the nearest branch of the bank and collect the paper from one of the bank officials.